$88,500 Car Loan

What's the monthly payment on a $88,500 car?
$
$
%
Monthly payment = $1,607
Total yearly payments = $19,278
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,536
3.0% $1,567
4.0% $1,599
5.0% $1,630
6.0% $1,663
7.0% $1,695
8.0% $1,728
9.0% $1,762
10.0% $1,796
Payments by Amount Down
Down Monthly Payment
$0 $2,008
$2,000 $1,963
$5,000 $1,895
$8,000 $1,827
$10,000 $1,781
$15,000 $1,668
Payments by Loan Length
Length Payment
24 months $3,082
36 months $2,098
48 months $1,607
60 months $1,312
72 months $1,116
84 months $976

Can I afford a $88,500 car?

Is your salary enough to buy a $88,500 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.

  • Make a down payment of at least 20% cash. For a $88,500 vehicle, this would mean saving up $17,700.
  • Pay back the loan in 4 years or less.
  • Don't spend more than 10% of your income on payments and insurance. Rough estimate: your annual income should be at least 2.5 times the purchase price. So to afford a car that costs $88,500, you would need to make at least $221,250 per year.